Corebridge Financial, Inc. $CRBG Shares Sold by Basswood Capital Management L.L.C.

Basswood Capital Management L.L.C. trimmed its stake in Corebridge Financial, Inc. (NYSE:CRBG) by 83.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 67,537 shares of the company’s stock after selling 337,301 shares during the quarter. Basswood Capital Management L.L.C.’s holdings in Corebridge Financial were worth $2,038,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CRBG. Goldman Sachs Group Inc. boosted its stake in Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after purchasing an additional 905,918 shares during the period. Focus Partners Wealth acquired a new position in Corebridge Financial in the 1st quarter worth approximately $384,000. Creative Planning acquired a new position in Corebridge Financial in the 2nd quarter worth approximately $243,000. EverSource Wealth Advisors LLC boosted its stake in Corebridge Financial by 58.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock worth $162,000 after purchasing an additional 1,688 shares during the period. Finally, Cerity Partners LLC boosted its stake in Corebridge Financial by 64.4% in the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock worth $3,286,000 after purchasing an additional 36,239 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CRBG shares. Piper Sandler decreased their price objective on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. Zacks Research lowered shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Keefe, Bruyette & Woods raised their price objective on shares of Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Finally, TD Cowen decreased their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.17.

Corebridge Financial Trading Up 2.0%

Shares of NYSE:CRBG opened at $28.78 on Friday. The firm has a fifty day moving average of $26.64 and a two-hundred day moving average of $28.03. The firm has a market capitalization of $13.14 billion, a P/E ratio of 52.32, a price-to-earnings-growth ratio of 0.32 and a beta of 1.14. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period last year, the business earned $1.16 EPS. On average, equities analysts expect that Corebridge Financial, Inc. will post 4.81 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.5%. Corebridge Financial’s dividend payout ratio (DPR) is 181.82%.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.